ASIAN MORNING BRIEF 16/08: LME base metals plunge; mining stocks tumble; EU domestic HRC likely to rise

The latest news and price moves to start the Asian day on Thursday August 16.

The price of base metals on the London Metal Exchange plummeted at the close of trading on Tuesday August 15, largely affected by sharp risk-off sentiment amid volatile currency flows. Read more here in our live futures report.

Here is how prices looked at the close of trading:

Mining stock prices fell sharply on August 15 alongside the record decline on the LME.

Domestic prices for hot-rolled coil in the European Union have been unchanged over the past week, but they are expected to move up when market activity recovers from the seasonal slowdown, sources told Metal Bulletin.

Prices for domestically produced mechanical tubing and standard pipe in the United States rose after electric-resistance-welded mills increased their asking prices in July.

Morocco’s ministry of industry, investment and commerce has started an investigation into whether to extend the application of an import duty on rebar and wire rod shipments.

Domestic prices for mesh-quality wire rod produced and delivered in in Europe remained unchanged over the week, with religious holidays in several countries limiting market activity, sources told Metal Bulletin.

And finally, Pakistan, Turkey and India have been identified as the United Kingdom’s fastest-growing export partner nations for iron and steel products, according to new research.